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The Occupational Pension Schemes (Funding and Investment Strategy and Amendment) Regulations (Northern Ireland) 2024
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Low dependency funding basis
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5.—(1) For the purposes of these Regulations, the liabilities of a scheme are calculated on a low dependency funding basis where they are calculated using actuarial assumptions which comply with the requirement in paragraph (2).
(2) The requirement is that further employer contributions would not be expected to be required to make provision for the scheme’s liabilities under a scheme (“S”), if the presumptions in paragraph (3) were satisfied in relation to S.
(3) The presumptions are—
(a)the funding level(1) of S is 1:1, on a calculation of the liabilities of S which uses those actuarial assumptions, and
(b)the assets of S are invested in accordance with a low dependency investment allocation.
(1)
See the definition of “funding level” in Article 200A(3)(a) of the Pensions (Northern Ireland) Order 2005
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